Inspire Medical Systems (INSP) PT Lowered to $135 at Piper Sandler

Piper Sandler analyst Adam Maeder lowered the price target on Inspire Medical Systems (NYSE: INSP) to $135.00 (from $150.00) while maintaining an Overweight rating.

The analyst commented: "Q3 Print A Step In The Right Direction; Good Progress With Gen 5 Launch Too; INSP reported Q3 results with revenue of $224.5M coming in above the Street’s $220.4M forecast, while GAAP EPS of $0.34 compared to the Street’s -$0.20. The company reaffirmed its FY2025 revenue guidance of $900-910M (+12-13% y/y) and bumped up its GAAP EPS guidance to $0.90-1.00 (from $0.40-0.50). We were perhaps most pleased by the progress INSP is making with the transition to its Gen 5 IPG as 75%+ of U.S. accounts have now adopted this new technology. Feedback regarding Gen 5 remains positive, and we understand customers who have adopted the technology are also seeing improved utilization. On the Q3 EPS call, INSP pointed Street models to +10-11% top-line growth for FY2026 (vs. consensus of about +14%). We don’t think this should come as much of a surprise to investors and, importantly, should improve the stock set-up heading into next year. Reiterate OW / PT to $135 (from $150)."

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